2024-10-29 Visa Inc. (V) Q4 2024 Earnings Call Transcript

Visa Inc. (NYSE:V) Q4 2024 Earnings Conference Call October 29, 2024 5:00 PM ET

Visa 公司（纽约证券交易所：V）2024 年第四季度收益电话会议 2024 年 10 月 29 日美国东部时间下午 5:00

Company Participants 公司参与者

Jennifer Como - Global Head of IR

詹妮弗·科莫 - 全球投资者关系负责人

Ryan McInerney - CEO 瑞安·麦金尼 - 首席执行官

Chris Suh - CFO 克里斯·苏 - 首席财务官

Conference Call Participants

电话会议参与者

Harshita Rawat - Bernstein

哈希塔·拉瓦特 - 伯恩斯坦

Ramsey El-Assal - Barclays

拉姆齐·埃尔-阿萨尔 - 巴克莱

Sanjay Sakhrani - KBW 桑杰·萨克拉尼 - KBW

Paul Golding - Macquarie 保罗·戈尔丁 - 麦格理

Tien-Tsin Huang - JPMorgan

黄天信 - 摩根大通

Rayna Kumar - Oppenheimer

雷娜·库马尔 - 奥本海默

Andrew Schmidt - Citigroup

安德鲁·施密特 - 花旗集团

Dave Koning - Baird 戴夫·科宁 - 贝尔德

Tim Chiodo - UBS 蒂姆·乔多 - 瑞银

Bryan Keane - Deutsche Bank

布莱恩·基恩 - 德意志银行

Jason Kupferberg - Bank of America

贾森·库普弗伯格 - 美国银行

Craig Maurer - FT Partners

克雷格·毛雷尔 - FT 合伙人

Trevor Williams - Jefferies

特雷弗·威廉姆斯 - 杰富瑞

Darrin Peller - Wolfe Research

达林·佩勒 - 沃尔夫研究

Operator 操作员

Welcome to Visa's Fiscal Fourth Quarter and Full Year 2024 Earnings Conference Call. All participants are in a listen-only mode until the question-and-answer session. Today's conference is being recorded. [Operator Instructions] I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

欢迎参加 Visa 2024 财年第四季度及全年收益电话会议。所有参与者在问答环节前均处于只听模式。今天的会议正在录音。[操作员说明] 现在我想把会议交给您的主持人，投资者关系高级副总裁兼全球负责人 Jennifer Como 女士。Como 女士，您可以开始了。

Jennifer Como 詹妮弗·科莫

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal fourth quarter and full year 2024 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights have been posted on our IR website.

谢谢。大家下午好，欢迎参加 Visa 2024 财年第四季度及全年财报电话会议。今天与我们一起的有 Visa 首席执行官 Ryan McInerney 和 Visa 首席财务官 Chris Suh。本次电话会议正在我们网站的投资者关系部分进行网络直播，网址为 investor.visa.com。重播将在我们的网站上存档 30 天。包含财务和统计亮点的幻灯片已发布在我们的投资者关系网站上。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as the result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

我还要提醒您，本次演示包含前瞻性声明。这些声明并不保证未来的表现，我们的实际结果可能因多种因素而有重大差异。有关这些因素的更多信息，请参阅我们最近的 10-K 表格年度报告以及任何后续的 10-Q 和 8-K 表格报告，您可以在 SEC 网站和我们网站的投资者关系部分找到。

Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non-GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website.

我们今天关于财务业绩的评论将反映基于 GAAP 的收入和所有其他基于非 GAAP 名义基础的结果，除非另有说明。相关的 GAAP 指标和对账可在今天的收益发布和我们投资者关系网站上的相关材料中找到。

And with that, let me turn the call over to Ryan.

接下来，我将电话交给瑞安。

Ryan McInerney 瑞安·麦金尼

Good afternoon, everyone. Thank you for joining us. Our fourth quarter results were very strong with $9.6 billion in net revenue, up 12% year-over-year and EPS up 16%. Our key business drivers were relatively stable compared to Q3. In constant dollars, overall payments volume grew 8% year-over-year, U.S. payments volume grew 5% and international payments volume grew 10%. Cross-border volume, excluding intra-Europe, rose 13%, and processed transactions grew 10% year-over-year.

下午好，大家。感谢大家的参与。我们的第四季度业绩非常强劲，净收入为 96 亿美元，同比增长 12%，每股收益增长 16%。与第三季度相比，我们的主要业务驱动因素相对稳定。在不变美元的情况下，总支付量同比增长 8%，美国支付量增长 5%，国际支付量增长 10%。跨境交易量（不包括欧洲内部）增长 13%，处理的交易量同比增长 10%。

As I reflect on this quarter and the full fiscal year, I am incredibly proud of the more than 31,000 Visa employees who have been focused on delivering our strategy and enabling our clients with compelling solutions, which resulted in the company's strong performance. We have continued to grow our consumer payments business through an intense focus on product design and innovation.

当我回顾这个季度和整个财政年度时，我为超过 31,000 名 Visa 员工感到无比自豪，他们专注于执行我们的战略，并为客户提供引人注目的解决方案，从而使公司取得了强劲的业绩。我们通过对产品设计和创新的高度关注，继续发展我们的消费者支付业务。

In new flows, our targeted strategy for non-consumer payments is paying off. And in value-added services, we have deepened our relationships with our clients through multiple different solutions and continue to expand our services to non-Visa transactions. We have done all this while further increasing our suite of solutions.

在新兴支付领域，我们针对非消费类支付的战略取得了成效。在增值服务方面，我们通过多种不同的解决方案加深了与客户的关系，并继续将服务扩展到非Visa交易。在此过程中，我们进一步丰富了我们的解决方案套件。

Now let's dive into some of the highlights for the fourth quarter and the year. In consumer payments, we continued to increase credentials and acceptance. We have over 4.6 billion credentials, up 7% year-over-year and 11.5 billion tokens with more than 30% of our total transactions tokenized.

现在让我们深入了解第四季度和全年的一些亮点。在消费者支付方面，我们继续增加凭证和接受度。我们拥有超过 46 亿个凭证，同比增长 7%，以及 115 亿个代币，其中超过 30%的总交易已被代币化。

Global merchant locations crossed 150 million. The Olympics and Paralympics certainly helped, with more than 7 million Paris 2024 branded cards issued and more than 130,000 merchant locations added in Europe. And I am particularly excited about new acceptance use cases.

全球商户地点超过 1.5 亿。奥运会和残奥会无疑起到了推动作用，发行了超过 700 万张巴黎 2024 品牌卡，并在欧洲新增了超过 13 万个商户地点。我对新的受理用例感到特别兴奋。

For example, we renewed an agreement with Canelo, a leading provider of self-service commerce across sectors such as food and beverage automated retail with over 1 million active devices globally and more than 1 billion transactions annually. And in the Netherlands, we reached an agreement with the country's largest grocer, Albert Heijn to expand in-store acceptance to all Visa products.

例如，我们与 Canelo 续签了一项协议，Canelo 是食品和饮料自动零售等领域的自助服务商业的领先提供商，全球拥有超过 100 万台活跃设备，每年交易量超过 10 亿笔。在荷兰，我们与该国最大的杂货商 Albert Heijn 达成协议，将店内接受范围扩大到所有 Visa 产品。

We also recently renewed our agreement with AppFolio in the U.S. for rental payments acceptance. AppFolio is one of the largest software providers in the property management space and services 8 million-plus units across more than 20,000 clients. Throughout the year, we have continued to innovate in order to expand Visa's capabilities to non-card payments. This quarter, we announced Visa A2A, bringing the power of Visa's brand, infrastructure, and rules as well as consumer protections to enable simpler, safer and more secure account-to-account payments.

我们最近还在美国与 AppFolio 续签了租金支付接受协议。AppFolio 是物业管理领域最大的软件提供商之一，为超过 20,000 个客户的 800 多万个单元提供服务。全年以来，我们不断创新，以扩大 Visa 在非卡支付方面的能力。本季度，我们宣布了 Visa A2A，将 Visa 的品牌、基础设施和规则的力量以及消费者保护带入账户到账户支付，使其更简单、更安全、更可靠。

We are excited to be collaborating with several banks, including NatWest and Nationwide Building Society and several leading fintechs, including Modulr to deliver an industry-driven solution to unlock the full potential of account-to-account transactions in the UK. And Visa A2A is open, open to any eligible bank, open banking provider, and verified biller. Initially, this is targeted at bill payments and we plan to launch in 2025 in the UK. We are very excited to bring this to market.

我们很高兴能与包括 NatWest 和 Nationwide Building Society 在内的多家银行以及包括 Modulr 在内的多家领先金融科技公司合作，提供一个行业驱动的解决方案，以释放英国账户到账户交易的全部潜力。Visa A2A 是开放的，向任何合格的银行、开放银行服务提供商和经过验证的账单支付商开放。最初，这一服务针对账单支付，我们计划于 2025 年在英国推出。我们非常高兴能将这一服务推向市场。

In prior quarters, I've mentioned our account-to-account fraud risk scoring solution, Visa Protect for A2A payments. It was recently announced as Juniper Research's Platinum Winner for Fraud and Security Innovation of the Year Award, and we will be piloting on 10 new RTP networks in 2025.

在之前的季度中，我提到过我们的账户到账户欺诈风险评分解决方案，Visa Protect 用于 A2A 支付。最近，它被宣布为 Juniper Research 年度欺诈和安全创新奖的白金奖得主，我们将在 2025 年对 10 个新的 RTP 网络进行试点。

We're also seeing very strong interest in our new Flexible Credential, which enables multiple payment options from one Visa credential. We have hundreds of issuers in the pipeline and several launches planned for 2025 in the U.S., Asia Pacific, Europe, and CEMEA.

我们也看到对我们新的灵活凭证的浓厚兴趣，该凭证可以通过一个 Visa 凭证实现多种支付选项。我们有数百家发行商正在筹备中，并计划于 2025 年在美国、亚太地区、欧洲和中东欧及非洲地区进行多次发布。

Last quarter, I mentioned the expansion of tapping use cases on a mobile device. Tap to add card is now enabled by issuers in more than 15 countries across our 5 regions. We know that transit is a key activator for tapping and global tap-to-ride transactions exceeded 2 billion for the first time in fiscal year 2024, up 25% year-over-year. We added more than 110 new transit systems throughout the year in cities such as Boston, Athens, Beijing, Las Vegas, and Lima to total over 870 globally. And more than 40% of these new systems also use our value-added services acceptance solutions.

上个季度，我提到了在移动设备上扩展轻触使用案例。现在，超过 15 个国家的发行商在我们 5 个地区启用了轻触添加卡功能。我们知道，交通是轻触支付的关键推动因素，全球轻触乘车交易在 2024 财年首次超过 20 亿笔，同比增长 25%。我们在全年新增了超过 110 个交通系统，覆盖波士顿、雅典、北京、拉斯维加斯和利马等城市，使全球总数超过 870 个。其中超过 40%的新系统也使用了我们的增值服务受理解决方案。

Tap to Pay penetration globally, excluding the U.S., was at 82%, up 6 points from 2023. And in the U.S., it was at 54%, up 13 points from last year with 29 out of the top 30 U.S. merchants accepting Tap to Pay.

全球范围内（不包括美国）的“轻触支付”普及率为 82%，比 2023 年上升了 6 个百分点。而在美国，这一比例为 54%，比去年上升了 13 个百分点，美国排名前 30 的商家中有 29 家接受“轻触支付”。

Now pivoting to some deal highlights. We had some significant renewals this quarter around the globe: first, with one of our largest clients in Latin America, Grupo Promerica in credit, debit, and commercial across 8 countries; second, with our largest Asia Pacific client, SMCC across consumer and commercial credit; third, with our largest CEMEA client, Al Rajhi across consumer, commercial, and value-added services, including CyberSource and Visa Risk Manager, our network-agnostic risk product; and across both Asia Pacific and CEMEA, with Standard Chartered Bank, a credit renewal across key markets in Asia, a debit renewal with key markets in Africa as well as a new expansion in the Middle East for credit. In addition, they will continue to use our value-added services.

现在转向一些交易亮点。本季度我们在全球范围内有一些重要的续约：首先，与我们在拉丁美洲最大的客户之一 Grupo Promerica 在 8 个国家的信用、借记和商业领域续约；其次，与我们在亚太地区最大的客户 SMCC 在消费和商业信用领域续约；第三，与我们在 CEMEA 地区最大的客户 Al Rajhi 在消费、商业和增值服务领域续约，包括 CyberSource 和 Visa Risk Manager，我们的网络无关风险产品；在亚太和 CEMEA 地区，与渣打银行在亚洲主要市场的信用续约，在非洲主要市场的借记续约，以及在中东的新信用扩展。此外，他们将继续使用我们的增值服务。

In North America, we had three very important renewals: in Canada, we renewed our relationship with the country's top issuer, RBC across consumer credit and debit, small business credit, and commercial credit; in the U.S., we recently extended our long-standing partnership with US Bank to grow our relationship across their consumer and commercial portfolios. And we have renewed with USAA across both their consumer debit and credit portfolios.

在北美，我们进行了三项非常重要的续约：在加拿大，我们与该国顶级发行机构 RBC 续签了合作关系，涵盖消费者信用和借记、小企业信用以及商业信用；在美国，我们最近延长了与 US Bank 的长期合作伙伴关系，以扩大我们在其消费者和商业投资组合中的关系。我们还与 USAA 续签了其消费者借记和信用投资组合的合作。

Finally, in Europe, building upon our strong relationship in Italy and across 11 other markets, we are pleased to have renewed the strategic agreement with Intesa Sanpaolo, expanding our collaboration in Italy with the largest bank in the country for innovative solutions amongst businesses and consumers. In addition, together, we will enable new value-added services for their Visa customers.

最后，在欧洲，基于我们在意大利及其他 11 个市场的牢固关系，我们很高兴与意大利联合圣保罗银行续签了战略协议，扩大了我们在意大利与该国最大银行的合作，为企业和消费者提供创新解决方案。此外，我们将共同为他们的 Visa 客户提供新的增值服务。

Across all of our regions and all of our fintech partners from early stage to mature, we signed over 650 commercial partnerships, up 30% from last year. As you can see, we have continued to grow our businesses through active engagement with our clients and a relentless focus on new product innovations.

在我们所有地区和所有从初创到成熟的金融科技合作伙伴中，我们签署了超过 650 个商业合作伙伴关系，比去年增长了 30%。正如您所见，我们通过与客户的积极互动和对新产品创新的不懈关注，继续发展我们的业务。

Now moving to new flows, where our targeted strategy for capturing newer areas of growth is paying off. This quarter, new flows revenue grew 22% year-over-year in constant dollars. Visa Direct transactions grew 38% for the quarter to 2.8 billion, and commercial volumes grew 5% year-over-year. We finished the year with almost 10 billion Visa Direct transactions and $1.7 trillion in commercial payments volume. Commercial credentials grew at 18% year-over-year, significantly faster than the 7% growth for total credentials that I mentioned earlier.

现在来看新兴支付领域，我们的增长战略取得了显著成果。本季度，新兴支付收入在固定汇率基础上同比增长22%。Visa Direct交易量同比增长38%，达到28亿笔，商业支付量同比增长5%。全年，Visa Direct交易量接近100亿笔，商业支付量达到1.7万亿美元。商业凭证同比增长18%，远高于我之前提到的总凭证增长率7%。

We are very focused on growing B2B in new verticals such as travel. We are pleased to announce that we signed a virtual card issuing deal with JPMorgan Chase in Europe. This is a significant opportunity for Visa to further build on our strong issuing relationship in North America as well as further grow in the B2B travel vertical.

我们非常专注于在旅游等新领域发展 B2B 业务。我们很高兴地宣布，我们与摩根大通在欧洲签署了一项虚拟卡发行协议。这是 Visa 在北美进一步巩固我们强大发行关系的重大机遇，同时也在 B2B 旅游领域进一步发展。

Additionally, in Europe, we will be partnering with Adyen so that they can offer online travel agencies, or OTAs, Visa virtual cards as part of their B2B travel solution.

此外，在欧洲，我们将与 Adyen 合作，使其能够为在线旅行社（OTA）提供 Visa 虚拟卡，作为其 B2B 旅行解决方案的一部分。

Another area of focus is the cross-border B2B space, where we offer significant value for complex payments through both card and Visa B2B Connect. For Visa B2B Connect, we increased the number of banks that have signed on by almost 40% year-over-year, and the number of transacting banks is up nearly 60%.

另一个关注领域是跨境 B2B 领域，在这个领域，我们通过卡和 Visa B2B Connect 为复杂支付提供了显著价值。对于 Visa B2B Connect，我们签约的银行数量同比增加了近 40%，交易银行的数量增加了近 60%。

In Korea, we reached two agreements with Hana Card. The first is a commercial and consumer credit and debit issuance partnership, with enhanced multicurrency capabilities targeted towards the cross-border needs of its customers. The second is an agreement with Hana Card and the Government Trade Agency, KOTRA, so that small business exporters can receive cross-border B2B payments via card.

在韩国，我们与 Hana Card 达成了两项协议。第一项是商业和消费者信用卡及借记卡发行合作伙伴关系，增强了多币种功能，针对其客户的跨境需求。第二项是与 Hana Card 和政府贸易机构 KOTRA 达成的协议，以便小型企业出口商可以通过卡接收跨境 B2B 付款。

In Canada, we are very pleased to have won the multicurrency credit issuance with fintech Loop, a cross-border banking platform for Canadian-based SMBs. In addition, our cross-border capabilities through Currencycloud will provide FX solutions across accounts, digital wallets and international payments.

在加拿大，我们非常高兴赢得了与金融科技公司 Loop 的多币种信贷发行合作，Loop 是一个面向加拿大中小企业的跨境银行平台。此外，我们通过 Currencycloud 的跨境能力将为账户、数字钱包和国际支付提供外汇解决方案。

In Australia, we reached a multicurrency commercial debit agreement with OFX, a leading global money transfer company that offers foreign exchange services, international payment, and spend management controls.

在澳大利亚，我们与 OFX 达成了一项多币种商业借记协议。OFX 是一家领先的全球汇款公司，提供外汇服务、国际支付和支出管理控制。

Now moving to Visa Direct, where we have continued to grow through new and expanded relationships. In Europe, we expanded our existing cross-border P2P partnership with Revolut to now allow real-time card transfers for their business customers via the Visa Direct platform in over 78 countries supporting over 50 currencies. In the U.S., we are excited about an expanded partnership with DailyPay, whose users are currently accessing earnings on demand via Visa Direct to now seamlessly send those earnings as international remittances to friends and family around the world.

现在转到 Visa Direct，我们通过新的和扩展的关系继续增长。在欧洲，我们扩大了与 Revolut 现有的跨境 P2P 合作伙伴关系，现在通过 Visa Direct 平台为其企业客户提供实时卡转账服务，覆盖超过 78 个国家，支持超过 50 种货币。在美国，我们对与 DailyPay 的扩展合作感到兴奋，DailyPay 的用户目前通过 Visa Direct 按需获取收入，现在可以将这些收入无缝地作为国际汇款发送给世界各地的朋友和家人。

In Brazil, we reached a new agreement with Travelex Banco de Cambio, one of the largest foreign exchange banks in the country and the first to specialize in FX operations regulated by the Central Bank. The client will use Visa Direct for import and export payments and for remittances to a broad range of destinations. So across our new flows, we have seen our specific strategies succeeding in the marketplace.

在巴西，我们与 Travelex Banco de Cambio 达成了一项新协议，该银行是该国最大的外汇银行之一，也是首家专注于中央银行监管的外汇业务的银行。客户将使用 Visa Direct 进行进出口支付和向多个目的地的汇款。因此，在我们的新业务流中，我们看到我们的具体策略在市场上取得了成功。

And now on to value-added services, where revenue was up 22% in the fourth quarter and full year in constant dollars. Let's look at the progress we have made across our value-added services. In our issuing solutions, our core banking and issuer processing platform, Pismo has a good pipeline and its solutions are resonating with clients with nearly 12 billion API calls a month. Recently, Pismo renewed its agreement with Itau in Brazil. And in 2025, we plan to expand Pismo's offerings to clients in more than 5 countries across four regions.

现在谈谈增值服务，第四季度和全年收入以不变美元计算增长了 22%。让我们看看我们在增值服务方面取得的进展。在我们的发卡解决方案中，我们的核心银行和发卡处理平台 Pismo 拥有良好的业务渠道，其解决方案与客户产生共鸣，每月 API 调用量接近 120 亿次。最近，Pismo 与巴西的 Itau 续签了协议。到 2025 年，我们计划将 Pismo 的产品扩展到四个地区的五个以上国家的客户。

In Risk and Identity Solutions, we recently announced our intent to acquire Featurespace, a developer of real-time artificial intelligence payments protection technology. It will enable Visa to provide enhanced fraud prevention tools to our clients and protect consumers in real-time across various payment methods. And Worldline, already a Visa partner and leading European acquirer, will soon be launching an optimized fraud management solution, utilizing Decision Manager to provide businesses with AI-based e-commerce fraud detection capabilities.

在风险和身份解决方案方面，我们最近宣布了收购 Featurespace 的意向，Featurespace 是一家实时人工智能支付保护技术的开发商。这将使 Visa 能够为我们的客户提供增强的欺诈预防工具，并在各种支付方式中实时保护消费者。而已经是 Visa 合作伙伴和欧洲领先收单机构的 Worldline，将很快推出一个优化的欺诈管理解决方案，利用 Decision Manager 为企业提供基于 AI 的电子商务欺诈检测能力。

In acceptance, food delivery platform, Foodpanda, has been a long-standing CyberSource client in Asia across several markets. They will also soon be using our AI-powered data token solution, which we announced earlier this year, enabling customers to control how their data is used to experience tailored shopping experiences. In Advisory Services, Visa Consulting and Analytics delivered more than 3,000 consulting engagements during the year, and we estimate that we helped clients realize over $5 billion of incremental revenue as a result. So our value-added services have continued to show strong momentum across both Visa and non-Visa transactions and nonpayment value-added services.

在接受方面，食品配送平台 Foodpanda 长期以来一直是亚洲多个市场的 CyberSource 客户。他们也将很快使用我们今年早些时候宣布的 AI 驱动数据令牌解决方案，使客户能够控制其数据的使用方式，以体验量身定制的购物体验。在咨询服务方面，Visa 咨询和分析在今年提供了超过 3,000 次咨询服务，我们估计帮助客户实现了超过 50 亿美元的增量收入。因此，我们的增值服务在 Visa 和非 Visa 交易以及非支付增值服务中继续表现出强劲的势头。

Before I close, I wanted to make a few comments on the recent lawsuit by the Department of Justice. We believe the lawsuit is meritless and shows a clear lack of understanding of the payments ecosystem in the United States. We will defend ourselves vigorously and are confident in our ability to demonstrate that Visa competes for every transaction in a thriving debit space that continues to grow and see new entrants.

在结束之前，我想对司法部最近的诉讼发表一些评论。我们认为这起诉讼毫无根据，明显缺乏对美国支付生态系统的理解。我们将积极为自己辩护，并对我们能够证明 Visa 在一个不断增长并有新进入者的繁荣借记卡领域中竞争每一笔交易充满信心。

In closing, I am proud of our team and all that we have accomplished. We delivered on our financial expectations while also investing in Visa's future through important product innovation. Back at 2020 at our Investor Day, we set a goal for new flows and value-added services revenue to represent more than 30% of net revenue by the end of 2024. I am pleased to say that we have exceeded that goal. And we will be hosting another Investor Day on February 20, 2025, here in San Francisco when we can talk more about our strategy to continue growing value-added services, new flows, and consumer payments. I see tremendous opportunity ahead and feel confident in our plans to get us there.

最后，我为我们的团队和取得的成就感到自豪。我们在实现财务预期的同时，也通过重要的产品创新为Visa的未来进行了投资。早在2020年的投资者日，我们设定了一个目标，即到2024年底，新兴支付和增值服务收入将占净收入的30%以上。很高兴地告诉大家，我们已经超额完成了这一目标。我们将于2025年2月20日在旧金山举办另一场投资者日活动，届时我们将进一步讨论如何继续推动增值服务、新兴支付和消费支付的增长。我看到前方有巨大的机遇，并对我们的规划充满信心。

Now over to Chris. 现在交给克里斯。

Chris Suh 克里斯·苏

Thanks, Ryan. Good afternoon, everyone. We closed the year with another strong quarter. In Q4, we saw relatively stable growth across payments volume, cross-border volume, and processed transactions when compared to Q3. In constant dollars, global payments volume was up 8% year-over-year and cross-border volume, excluding intra-Europe, was up 13% year-over-year. Processed transactions grew 10% year-over-year.

谢谢，瑞安。大家下午好。我们以又一个强劲的季度结束了这一年。在第四季度，与第三季度相比，我们在支付量、跨境交易量和处理交易方面看到了相对稳定的增长。按不变美元计算，全球支付量同比增长 8%，跨境交易量（不包括欧洲内部）同比增长 13%。处理交易量同比增长 10%。

Fiscal fourth quarter net revenue was up 12%, above our expectations, primarily due to lower-than-expected incentives, stronger-than-expected other revenue and FX being less of a drag than expected. Net revenue was also up 12% in constant dollars. EPS was up 16% year-over-year and 17% in constant dollars, higher than expected from the strong net revenue performance and a lower-than-expected tax rate.

财政第四季度净收入增长了 12%，超出我们的预期，主要是由于低于预期的激励措施、强于预期的其他收入以及外汇的拖累小于预期。按不变汇率计算，净收入也增长了 12%。每股收益同比增长 16%，按不变汇率计算增长 17%，高于预期，得益于强劲的净收入表现和低于预期的税率。

Let's go into the details. In the U.S., total payments volume grew 5% year-over-year, in line with Q3. Credit and debit also each grew 5%. Card-present volume grew 2% and card-not-present volume grew 6%. Consumer spend across all segments from low to high spend has remained relatively stable to Q3. Our data does not indicate any meaningful behavior change across consumer segments from last quarter.

让我们深入细节。在美国，总支付量同比增长 5%，与第三季度持平。信用卡和借记卡也各增长 5%。刷卡交易量增长 2%，非刷卡交易量增长 6%。从低消费到高消费的所有消费群体的消费相对稳定，与第三季度相比没有显著变化。我们的数据未显示出与上季度相比消费者群体有任何显著的行为变化。

Moving to international markets. Total payments volume was up 10% in constant dollars, stable to Q3. In most major regions, payments volume year-over-year growth rates in constant dollars were strong for the quarter, with Latin America up 24%, CEMEA up 19%, and Europe up 12%. Asia Pacific payments volume saw a marginal improvement from Q3 in constant dollars for the quarter but was still less than 1% year-over-year growth, primarily due to the macroeconomic environment, most notably in Mainland China. Asia Pacific payments volume growth, excluding Mainland China, was relatively consistent to Q3.

进入国际市场。以不变美元计算，总支付量增长了 10%，与第三季度持平。在大多数主要地区，以不变美元计算的支付量同比增长率在本季度表现强劲，拉丁美洲增长 24%，CEMEA 增长 19%，欧洲增长 12%。亚太地区的支付量在本季度以不变美元计算较第三季度略有改善，但同比增长仍不到 1%，主要是由于宏观经济环境，尤其是在中国大陆。剔除中国大陆，亚太地区的支付量增长与第三季度相对一致。

Now to cross-border volume, which I will speak to today in constant dollars and excluding intra-Europe transactions. Total cross-border volume was up 13% in Q4, below Q3, in line with our expectations. Q4 cross-border e-commerce measured as card-not-present volume, excluding travel and crypto purchases, grew 15%, which was faster than cross-border travel volume growth at 12%, in line with our expectations. Indexed to 2019, cross-border travel was relatively consistent with Q3.

现在谈谈跨境交易量，我今天将以恒定美元计算，并排除欧洲内部交易。第四季度的跨境交易总量增长了 13%，低于第三季度，符合我们的预期。第四季度的跨境电子商务（以非面对面交易量衡量，排除旅行和加密货币购买）增长了 15%，这比跨境旅行交易量的增长速度快，后者为 12%，符合我们的预期。与 2019 年相比，跨境旅行与第三季度相对一致。

As we look at the travel corridors, the primary driver of the lower year-over-year cross-border travel volume growth was Asia Pacific inbound and outbound, which continued to be impacted by the same primary factors we've been mentioning all year: macroeconomic conditions, currency weakness, and flight bookings being below pre-COVID levels. We also saw a step-down in CEMEA outbound travel volume growth compared to Q3 due to Ramadan timing. Normalized for this, the CEMEA growth was stable.

当我们查看旅行走廊时，跨境旅行量同比增长放缓的主要原因是亚太地区的入境和出境旅行，这继续受到我们全年提到的相同主要因素的影响：宏观经济状况、货币疲软以及航班预订低于疫情前水平。我们还看到，由于斋月时间的关系，CEMEA 的出境旅行量增长与第三季度相比有所下降。对此进行标准化后，CEMEA 的增长是稳定的。

Now let's review our fourth quarter financial results. I'll start with the revenue components. Service revenue grew 8% year-over-year versus the 7% growth in Q3 constant dollar payments volume due to mix and improving utilization of card benefits. Data processing revenue grew 8% versus 10% processed transaction growth primarily due to fees and penalties being lower than the prior year. International transaction revenue was up 9% versus the 13% increase in constant dollar cross-border volume, excluding intra-Europe, impacted by lapping higher currency volatility from last year, even with the average quarterly volatility being slightly higher in Q4 versus Q3.

现在让我们回顾一下第四季度的财务业绩。我将从收入组成部分开始。服务收入同比增长 8%，相比第三季度 7%的增长，主要由于组合和卡片福利利用率的提高。数据处理收入增长 8%，而处理交易增长 10%，主要是因为费用和罚款低于去年。国际交易收入增长 9%，相比不包括欧洲内部的恒定美元跨境交易量增长 13%，受到去年较高货币波动性的影响，即使第四季度的平均季度波动性略高于第三季度。

Other revenue grew 30%, primarily driven by strong marketing services revenue growth related to the Olympics, consulting and, to a lesser extent, pricing. Client incentives grew 6%. As expected, Q4 was the annual low point for year-over-year growth due to lapping significant renewals from the prior year. In addition, it was further lowered from some onetime adjustments due to client performance.

其他收入增长了 30%，主要是由于与奥运会相关的强劲营销服务收入增长、咨询以及在较小程度上定价的推动。客户激励增长了 6%。正如预期的那样，由于去年同期有大量续约，第四季度是同比增长的年度低点。此外，由于客户表现的一些一次性调整，进一步降低了增长。

While Ryan mentioned a significant amount of renewal activity in his remarks, the majority of that impact will begin in Q1 of '25.

虽然瑞安在讲话中提到了大量的续约活动，但其大部分影响将在 '25 年第一季度开始。

Now on to our three growth engines. Consumer payments revenue growth was driven by relatively stable payments volume, cross-border volume, and processed transaction growth. New flows revenue grew 22% year-over-year in constant dollars, helped by a onetime rebate adjustment due to deal timing. Visa Direct transactions grew 38% year-over-year helped by growth in Latin America for interoperability among P2P apps.

接下来是我们的三大增长引擎。消费支付收入增长得益于相对稳定的支付量、跨境交易量和处理交易的增长。新兴支付收入在固定汇率基础上同比增长22%，这得益于因交易时机调整的一次性返利调整。Visa Direct交易量同比增长38%，其中拉丁美洲P2P应用程序互操作性的发展起到了推动作用。

Commercial volume rose 5% year-over-year in constant dollars, below Q3, primarily due to days mix. Value-added services revenue grew 22% in constant dollars to $2.4 billion, led by strong growth in marketing services and consulting and issuing solutions. Operating expenses grew 11%, led by increases in marketing and personnel expenses. FX was a minimal drag instead of the 0.5 point benefit we had expected. Our acquisition of Pismo represented an approximately 0.5 point drag as well. Non-operating income was $69 million. Our tax rate was 16.5% due to an update in our tax position across jurisdictions.

商业支付量在固定汇率基础上同比增长5%，低于第三季度，主要受日期组合影响。增值服务收入在固定汇率基础上增长22%，达到24亿美元，主要得益于市场营销服务、咨询和发行解决方案的强劲增长。运营费用增长了11%，主要由于营销和人事费用的增加。外汇对业绩的影响较小，而不是我们预期的0.5个百分点的提振。此外，收购Pismo大约带来了0.5个百分点的拖累。非运营收入为6900万美元。我们的税率为16.5%，主要由于各司法辖区的税务状况更新。

EPS was $2.71, up 16% over last year, with an approximately 1 point drag from exchange rates and an approximately 0.5 point drag from Pismo. In Q4, we bought back approximately $5.8 billion in stock and distributed over $1 billion in dividends to our stockholders. We also funded the litigation escrow account by $1.5 billion, which has the same effect as a stock buyback. At the end of September, we had $13.1 billion remaining in our buyback authorization.

每股收益为 2.71 美元，比去年增长 16%，汇率约拖累 1 个百分点，Pismo 约拖累 0.5 个百分点。在第四季度，我们回购了约 58 亿美元的股票，并向股东分发了超过 10 亿美元的股息。我们还为诉讼托管账户提供了 15 亿美元的资金，这与股票回购具有相同的效果。截至 9 月底，我们的回购授权还剩下 131 亿美元。

As we closed out fiscal 2024 and readied for fiscal 2025, I reflected on our full year performance relative to what we had expected at the start of the year. With the strong Q4, full year net revenue grew 10%, in line with our expectations, and EPS grew 15%, above our expectations, a testament to Visa's diversified business model. Volatility started strong in Q1 but then declined and remained at lower-than-expected levels throughout most of the year.

在我们结束 2024 财年并准备迎接 2025 财年时，我反思了我们全年的表现与年初预期的对比。由于第四季度的强劲表现，全年净收入增长了 10%，符合我们的预期，而每股收益增长了 15%，超出了我们的预期，这证明了 Visa 多元化的商业模式。波动性在第一季度开始时很强，但随后下降，并在全年大部分时间内保持在低于预期的水平。

For incentives, we anticipated year-over-year growth will be lower than fiscal 2023 due primarily to smaller impacts from renewals in fiscal 2024. The growth rate ended up being even lower than we expected due to client performance adjustments and deal timing.

对于激励措施，我们预计同比增长将低于 2023 财年，主要是由于 2024 财年续约的影响较小。由于客户绩效调整和交易时机，增长率最终比我们预期的还要低。

On the business driver front, processed transactions grew 10% as expected. Payments volume grew 8% in constant dollars, below expectations due to a combination of weakness in Asia Pacific, as we have discussed, and in the U.S. from ticket size not improving as expected and, to a lesser extent, from the Reg II impact. Total cross-border volume growth, excluding intra-Europe, was 15% in constant dollars, generally in line with our original expectations, though the growth in cross-border travel volume was lower, primarily due to Asia Pacific travel and card-not-present excluding travel volume growth, performed better than we expected. As we've seen this year, volumes and transactions can swing quarter-to-quarter. As these drivers fluctuate, we work carefully to manage our business to deliver on our expectations.

在业务驱动方面，处理的交易量如预期增长了 10%。支付量以不变美元计算增长了 8%，低于预期，这主要是由于我们之前讨论过的亚太地区的疲软，以及美国的票面金额未如预期改善，且在较小程度上受到 Reg II 影响。总的跨境交易量增长（不包括欧洲内部）以不变美元计算为 15%，大体符合我们最初的预期，尽管跨境旅行量的增长较低，主要是由于亚太地区的旅行和不包括旅行的无卡交易量增长表现好于我们的预期。正如我们今年所见，交易量和交易数可能会在季度之间波动。随着这些驱动因素的波动，我们会仔细管理我们的业务以实现我们的预期。

So as we thought about our budget and guidance philosophy going into fiscal 2025, it's largely the same approach and represents our best view based on today. So let's get into the guidance details and a quick note. When I reference 2024 and 2025, I'm referring to our fiscal years. As we regularly say, we are not economic forecasters so we're assuming the macroeconomic environment stays generally where it is today. As such, we expect payments volume and processed transaction growth to remain strong and generally in line with full year 2024 levels.

因此，当我们考虑进入 2025 财年的预算和指导方针时，基本上采用相同的方法，并基于今天的情况代表我们最好的看法。现在让我们进入指导细节和一个简短的说明。当我提到 2024 年和 2025 年时，我指的是我们的财政年度。正如我们经常说的，我们不是经济预测者，所以我们假设宏观经济环境大致保持在今天的水平。因此，我们预计支付量和处理交易的增长将保持强劲，并大致与 2024 年全年的水平一致。

For cross-border volumes, we expect the Q4 '24 trend to generally continue with card-not-present excluding travel volume growing slightly more than travel volume.

对于跨境交易量，我们预计 2024 年第四季度的趋势将大体延续，非面对面交易（不包括旅行交易）的增长略高于旅行交易。

Now let's cover our underlying assumptions for net revenue growth. First, volatility. We're expecting that the full year currency volatility levels are roughly in line with the Q4 '24 average, which implies that volatility will no longer be a drag starting with Q2 '25.

现在让我们讨论净收入增长的基本假设。首先是波动性。我们预计全年货币波动水平大致与 2024 年第四季度的平均水平一致，这意味着从 2025 年第二季度开始，波动性将不再是一个拖累因素。

Next, pricing. We will continue to price to value in 2025 with the pricing impact being generally the same as 2024. However, the cadence is expected to be different as we expect the vast majority of the incremental pricing impact will take effect in April versus being more balanced between October and April as it was in 2024.

接下来是定价。我们将在 2025 年继续根据价值定价，定价影响总体上与 2024 年相同。然而，节奏预计会有所不同，因为我们预计大部分增量定价影响将在 4 月生效，而不是像 2024 年那样在 10 月和 4 月之间更加平衡。

On incentives, first, there were a significant amount of renewals in Ryan's remarks that will be impacting Q1 '25 incentives. In total, we expect more than 20% of our payments volume to be impacted by renewals in 2025 compared to less than 15% that was impacted in 2024.

关于激励措施，首先，Ryan 的讲话中提到的续约数量将显著影响 2025 年第一季度的激励措施。总体而言，我们预计 2025 年将有超过 20% 的支付量受到续约的影响，而 2024 年受到影响的比例不到 15%。

Second, remember that in the first and second quarters of 2024, we called out client performance and deal timing as helping incentives. And in Q4, we had additional onetime performance adjustments. Adding this up, 2025 year-over-year incentives growth is expected to be significantly higher than 2024. We expect to close on Prosa and Featurespace in 2025, and when we do, we will update our estimates for the acquisition impacts.

其次，请记住，在 2024 年的第一和第二季度，我们指出客户表现和交易时机作为激励措施的帮助。在第四季度，我们进行了额外的一次性绩效调整。综合来看，预计 2025 年的年度激励增长将显著高于 2024 年。我们预计将在 2025 年完成对 Prosa 和 Featurespace 的收购，届时我们将更新对收购影响的估计。

We pulled these assumptions together on an adjusted basis, defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentations for more detail. In 2025, we expect full year adjusted net revenue growth to be in the high single to low double digits, with incentives being the key driver of the difference between '24 and 2025.

我们将这些假设汇总在一个调整后的基础上，定义为以固定汇率计算的非 GAAP 结果，并排除收购影响。您可以在我们的收益报告中查看这些披露以获取更多详细信息。到 2025 年，我们预计全年调整后的净收入增长将达到高个位数到低两位数，激励措施是 2024 年和 2025 年之间差异的关键驱动因素。

As always, revenue performance is sensitive to several factors so to the extent that there are deal delays or significant deal performance adjustments and or macro volatility and driver performance that is better than expected, adjusted net revenue growth would be on the higher end of the range. In terms of quarterly variability, we expect the second half revenue performance to be better than the first due to some of the dynamics I have spoken about, volatility, pricing and, to a lesser extent, incentives.

一如既往，收入表现对多个因素都很敏感，因此如果交易延迟或重大交易表现调整以及宏观波动和驱动因素表现好于预期，调整后的净收入增长将处于区间的高端。就季度变动而言，由于我提到的一些动态、波动性、定价以及在较小程度上的激励措施，我们预计下半年收入表现将优于上半年。

Now moving to expenses. We currently expect to grow adjusted operating expense in the high single digit to low double digits as we continue to fund new flows and value-added services projects, our sales efforts and growth initiatives in specific countries. Non-operating income is expected to be between $150 million and $200 million as a result of lower interest rates. Our tax rate is expected to be between 18% and 18.5%.

现在来看费用方面。我们目前预计调整后的运营费用将以高个位数至低双位数增长，因为我们将继续投资于新兴支付和增值服务项目、销售工作以及特定国家的增长计划。由于利率下降，非运营收入预计将在1.5亿至2亿美元之间。我们的税率预计在18%至18.5%之间。

On capital return, the Board has declared an increase to our quarterly dividend by 13%, and we intend to return excess free cash flow to shareholders through buybacks. All this results in adjusted EPS growth to be in the high end of low double digits.

关于资本回报，董事会已宣布将我们的季度股息提高 13%，并且我们计划通过回购将多余的自由现金流返还给股东。所有这些导致调整后的每股收益增长达到低双位数的高端。

Now moving to Q1. For the first three weeks of October through the 21st, with volume growth in constant dollars, U.S. payments volume was up 6%, with debit up 7% and credit up 6% year-over-year. Cross-border volume, excluding intra-Europe, grew 13% year-over-year. Processed transactions grew 11% year-over-year.

现在转到第一季度。截至 10 月 21 日的前三周，在恒定美元的基础上，美国支付量同比增长 6%，其中借记卡增长 7%，信用卡增长 6%。跨境交易量（不包括欧洲内部）同比增长 13%。处理的交易量同比增长 11%。

Now to financial expectations. We expect Q1 adjusted net revenue growth in the high single digits. Three things to note when we look at the step-down in adjusted net revenue growth from the fourth quarter in 2024 to the first quarter in 2025.

现在谈谈财务预期。我们预计第一季度调整后的净收入增长将达到高个位数。在观察从 2024 年第四季度到 2025 年第一季度调整后净收入增长的下降时，有三点需要注意。

First, incentives. There are a number of factors impacting incentives, especially in Q1 and H1 so let me go through each part. As I mentioned earlier, Q4 incentives growth was even lower than expected, with the combined impact of the lapping of significant renewals in 2023 and the onetime adjustments due to client performance. As I also mentioned, in 2025, we expect a significantly higher amount of our payments volume to be impacted by renewals, approximately 20% compared to under 15% in 2024. This is a combination of the large amount of renewals in Q4 '24 that will go into effect plus the amount of renewals we expect in 2025.

首先，激励措施。有许多因素影响激励措施，尤其是在第一季度和上半年，所以让我逐一说明。如我之前提到的，第四季度的激励增长甚至低于预期，主要是由于 2023 年大量续约的影响以及客户表现导致的一次性调整。我还提到，在 2025 年，我们预计受续约影响的支付量将显著增加，约为 20%，而 2024 年则低于 15%。这是由于 2024 年第四季度大量续约生效以及我们预计 2025 年的续约量的结合。

In addition, the timing of the deal terms in 2025 is such that we expect about 60% of the 2025 renewal volume to go into effect in Q1. Putting those all together, we expect a significant step-up in the dollar amount of incentives from Q4 of '24 to Q1 of '25.

此外，2025 年交易条款的时间安排使我们预计 2025 年约 60%的续约量将在第一季度生效。综合这些因素，我们预计从 2024 年第四季度到 2025 年第一季度，激励金额将大幅增加。

Second, the timing of pricing actions. As I mentioned, whereas in 2024, the pricing impact was similar quarter-to-quarter, this year, we expect less pricing impact in the first half than the back half with Q1 having the smallest impact.

其次，定价行动的时机。正如我提到的，虽然在 2024 年，定价影响在各季度之间相似，但今年我们预计上半年定价影响会小于下半年，其中第一季度的影响最小。

Third, other revenue. As we do not have a major event in Q1 like the Olympics or FIFA, we anticipate lower growth in consulting and marketing services-related revenue compared to Q4. We expect adjusted operating expense growth to be in the high single digit to low double digits. On a year-over-year basis, remember that the first quarter of 2024 had a lower operating expense growth rate, both from lapping FIFA-related expenses in 2023 and from the allocation of Olympic-related marketing spend to other quarters.

第三，其他收入。由于我们在第一季度没有像奥运会或国际足联这样的重大事件，我们预计咨询和营销服务相关收入的增长将低于第四季度。我们预计调整后的运营费用增长将在高个位数到低两位数之间。按年同比计算，请记住，2024 年第一季度的运营费用增长率较低，这既是因为 2023 年国际足联相关费用的重叠，也是因为奥运会相关营销支出的分配到其他季度。

Non-operating income is expected to be between $35 million and $45 million, and our tax rate is expected to be around 18.5%. This puts our first quarter adjusted EPS growth in the low double digits. As always, if the environment changes and there are events that impact our business, we will remain flexible and thoughtful on balancing short- and long-term considerations.

非经营收入预计在 3500 万美元至 4500 万美元之间，我们的税率预计约为 18.5%。这使得我们第一季度调整后的每股收益增长处于低双位数。与往常一样，如果环境发生变化并有事件影响我们的业务，我们将保持灵活，并在平衡短期和长期考虑时保持审慎。

As we are several weeks into fiscal 2025, Visa's underlying business continues to be healthy and the growth opportunities are significant. We look forward to discussing this and our long-term growth algorithm at the upcoming Investor Day.

随着我们进入 2025 财年的几个星期，Visa 的基础业务依然健康，增长机会显著。我们期待在即将到来的投资者日讨论这一点以及我们的长期增长算法。

And now, Jennifer, I'll hand it back to you.

现在，詹妮弗，我把话交还给你。

Jennifer Como 詹妮弗·科莫

Thanks, Chris. And with that, we're ready to take questions.

谢谢，克里斯。接下来，我们准备回答问题。

Question-and-Answer Session

问答环节

Operator 操作员

[Operator Instructions] Our first question comes from Harshita Rawat from Bernstein. Please go ahead.

[操作员说明] 我们的第一个问题来自 Bernstein 的 Harshita Rawat。请继续。

Harshita Rawat 哈希塔·拉瓦特

Good afternoon. Thank you for taking my question. A lot going on in the U.S. regulatory front with regards to the DoJ lawsuit, Reg II, MDL, CCA. Can you share your overall thoughts on the regulatory and litigation environment in the U.S.?

下午好。感谢您回答我的问题。关于美国的监管方面，有很多事情正在发生，包括司法部的诉讼、Reg II、MDL、CCA。您能分享一下您对美国监管和诉讼环境的总体看法吗？

And Chris, just as a follow-up, can you help us maybe size your revenue exposure to U.S. debit, both including as well as excluding Visa DPS? Thank you.

克里斯，作为后续问题，您能否帮助我们估算一下您在美国借记卡方面的收入敞口，包括和不包括 Visa DPS 的情况？谢谢。

Ryan McInerney 瑞安·麦金尼

Yeah, thanks for the question. As you note, a lot going on not just in the U.S. but all over the world. I think regulators appropriately are looking at the payments ecosystem and want to ensure that there's fair competition, that there's multiple options, both for consumers and merchants. And that's a process of engagement that we have in the U.S. to your question, but also with regulators, elected officials all around the world. And we feel very good about our ability to manage through that complexity. We feel very good about the ability to continue to run and grow our business. And we feel very good about the ability to continue to innovate and to continue to serve our clients.

是的，谢谢你的提问。正如你所指出的，不仅在美国，而且在全世界范围内都发生了很多事情。我认为监管机构正在适当地审视支付生态系统，并希望确保有公平的竞争，为消费者和商家提供多种选择。这是我们在美国与监管机构、民选官员以及全球各地进行互动的过程。我们对自己在这种复杂环境中进行管理的能力感到非常满意。我们对继续运营和发展我们的业务的能力感到非常满意。我们对继续创新和服务客户的能力感到非常满意。

In terms of revenue exposure, that's not something that we disclose as it relates to U.S. debit or other parts of the business like that. But in terms of our ability to compete, we feel really, really good about it.

在收入曝光方面，我们不会披露与美国借记卡或其他类似业务相关的信息。但就我们的竞争能力而言，我们对此感到非常有信心。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Ramsey El-Assal from Barclays. Please go ahead.

接下来，我们将连线巴克莱的 Ramsey El-Assal。请继续。

Ramsey El-Assal 拉姆齐·埃尔-阿萨尔

Hi. Can you give us your updated thoughts on the competitive environment, especially as it pertains to or specifically as it pertains to pay by bank? We're seeing Walmart move forward with a new product and chatter around some other offerings. We've seen these products in the past, but I'm just wondering if there's anything that sort of changed on the ground to make these a little more interesting for consumers. I know you guys are involved as well serving that part of the market now, so curious to get your comments.

嗨。你能告诉我们你对竞争环境的最新看法吗，特别是关于银行支付的部分？我们看到沃尔玛推出了一款新产品，并且有一些关于其他产品的讨论。我们过去也见过这些产品，但我只是想知道是否有任何变化使这些产品对消费者更有吸引力。我知道你们现在也在服务这个市场部分，所以很想听听你的意见。

Ryan McInerney 瑞安·麦金尼

Yeah, there's a lot going on with account-to-account payments in the U.S. and around the world as you know it as well. Pay by bank is not a new capability. It's not a new capability in the United States. It's not a new capability for Walmart. Actually, I think as of today, you can load three different bank accounts into your Walmart.com wallet to pay for things. And as you alluded to, they've also put some news out that they're going to have a new partnership that I think is going to further enhance that.

是的，正如你所知，美国和世界各地的账户到账户支付有很多事情在发生。银行支付并不是一项新功能。在美国这不是一项新功能。对于沃尔玛来说也不是一项新功能。实际上，我认为截至今天，你可以在你的 Walmart.com 钱包中加载三个不同的银行账户来支付。而且正如你提到的，他们也发布了一些消息，说他们将有一个新的合作伙伴关系，我认为这将进一步增强这一点。

We expect that account-to-account payments will continue to proliferate here and around the world. We think there's a lot that we can add in terms of value to account-to-account payments. I mentioned some of those things in my prepared remarks. But as I've talked about several times on this call, it's a very, very competitive environment in which we operate. But we feel very, very good about our products, our innovation, our ability to provide value to end users in terms of buyers and also sellers, and therefore, our ability to continue to grow the business.

我们预计，账户到账户的支付将在这里和世界各地继续激增。我们认为在账户到账户支付方面，我们可以增加很多价值。我在准备好的发言中提到了一些这些事情。但正如我在这次电话会议上多次谈到的那样，我们所处的环境竞争非常激烈。但我们对我们的产品、我们的创新、我们为买家和卖家等终端用户提供价值的能力感到非常满意，因此，我们有能力继续发展业务。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Sanjay Sakhrani from KBW. Please go ahead.

接下来，我们将连线到 KBW 的 Sanjay Sakhrani。请继续。

Sanjay Sakhrani 桑杰·萨克拉尼

Thank you. I had a question on commercial volumes. I know they decelerated in days mix. I'm just wondering what kind of growth rate we should expect on a go-forward basis. I mean -- and are there some macro impacts? Maybe just talk about that specifically.

谢谢。我有一个关于商业支付量的问题。我知道商业支付量因日期组合而增速放缓。我想知道未来应预期怎样的增长率？是否存在一些宏观影响？能否具体谈谈这个方面？

Chris Suh 克里斯·苏

Hi, Sanjay, this is Chris. Yeah, as you noted, we did see a days mix impact in Q4 with commercial volumes. But if I just back way up, we're excited about the opportunity in new flows. We're optimistic about the big opportunity ahead. And over time, we do anticipate that we'll see continued growth of commercial volumes ahead of consumer volumes over time.

你好，Sanjay，我是Chris。是的，正如你提到的，我们在第四季度确实看到商业支付量受到日期组合的影响。但从更长远来看，我们对新兴支付领域的机会感到兴奋，对未来的大机会充满乐观。随着时间推移，我们预计商业支付量的增长将继续领先于消费支付量的增长。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Paul Golding from Macquarie. Please go ahead.

接下来，我们将连线到麦格理的保罗·戈尔丁。请继续。

Paul Golding 保罗·戈尔丁

Thanks so much. With the Featurespace acquisition in process, I just wanted to ask how you see AI playing into the business model. Do you see it more as driving VAS or incremental business model, uplift revenue or cost improvement? Or is it more of a competitive differentiator that will just keep you ahead of your competition? Thanks.

非常感谢。随着 Featurespace 收购的进行，我只是想问一下您如何看待 AI 在商业模式中的作用。您认为它更多是推动增值服务还是增量商业模式、提升收入或改善成本？或者它更多是作为一个竞争差异化因素，让您始终领先于竞争对手？谢谢。

Ryan McInerney 瑞安·麦金尼

Yeah, thank you. In short, I see it as both but let me unpack a couple of things that you said. First, in terms of Featurespace, we're very excited about the opportunity to close on the Featurespace acquisition. As I travel around the world, financial crime, fraud is at the top of mind of clients, partners, regulators all around the world. And Featurespace is a world leader in providing AI-driven solutions to combat that fraud, to reduce that fraud, to enable our clients and partners to continue to serve their customers in a safe way. So we're very excited about that.

是的，谢谢。简而言之，我认为两者都有，但让我解读一下你所说的几点。首先，就 Featurespace 而言，我们对完成 Featurespace 的收购机会感到非常兴奋。当我环游世界时，金融犯罪和欺诈是全球客户、合作伙伴和监管机构最关心的问题。Featurespace 是提供 AI 驱动解决方案以打击欺诈、减少欺诈的世界领导者，使我们的客户和合作伙伴能够以安全的方式继续为他们的客户服务。所以我们对此感到非常兴奋。

As it relates more broadly to especially Generative AI at Visa, I see it really in two different buckets. The first is we are adopting it aggressively across our company to drive productivity. And we've seen some great results from everywhere to our engineering teams, to our accounting teams, to our sales teams, our client service teams. And we're still in the early stages of, I think, the very significant impact this will have on the productivity of our business.

在 Visa，特别是与生成式人工智能更广泛相关的方面，我将其分为两个不同的类别。首先，我们正在全公司范围内积极采用它以提高生产力。我们在各个领域都看到了很好的成果，从我们的工程团队到会计团队，再到销售团队和客户服务团队。而且我认为，这对我们业务生产力的重大影响仍处于早期阶段。

I also see it as a real differentiator to the products and services that we're putting in market. You've heard me talk about some of the new risk capabilities, risk management capabilities, for example, that we've deployed in the account-to-account space, which are all enabled with generative AI. You mentioned Featurespace. We've had some really good success in other parts of both our value-added services business and the broader consumer payments business as well. And we've got a product pipeline that is very heavily tilted towards some, we think, very exciting Generative AI capabilities that hopefully you'll hear more from us on soon.

我也将其视为我们投放市场的产品和服务的真正差异化因素。你听我谈过一些新的风险能力，例如我们在账户对账户领域部署的风险管理能力，这些都是通过生成式人工智能实现的。你提到了 Featurespace。我们在增值服务业务和更广泛的消费者支付业务的其他部分也取得了一些非常好的成功。我们的产品管道非常倾向于一些我们认为非常令人兴奋的生成式人工智能能力，希望你很快会听到我们更多的消息。

One of those I mentioned in my prepared remarks, which was the data token that we're starting to pilot with Foodpanda, which is 1 example of that.

在我准备的发言中提到的其中一个是我们开始与 Foodpanda 试点的数据令牌，这是一个例子。

Paul Golding 保罗·戈尔丁

Thank you. 谢谢。

Jennifer Como 詹妮弗·科莫

Next question. 下一个问题。

Operator 操作员

Next, we'll go to the line of Tien-Tsin Huang from JPMorgan. Please go ahead.

接下来，我们将连线到摩根大通的黄天信。请继续。

Tien-Tsin Huang 天津黄

Thank you. Just wanted to ask how growth in '25 might look different than '24 across consumer payments, new flows, and value-added services.

谢谢。只是想问一下，'25 年的增长在消费者支付、新兴支付领域和增值服务方面可能与 '24 年有何不同。

Chris Suh 克里斯·苏

Hi, Tien-Tsin. This is Chris. So we don't guide by consumer payments, new flows, and value-added services. But let me just give you a little bit more color on how we think about the guide that we did give. At the highest level, we took the same approach to guidance as we did a year ago, which is really to provide guidance based on our best estimate of what we expect to happen throughout the year.

嗨，天津。我是克里斯。所以我们不以消费者支付、新兴支付领域和增值服务为指导。但让我稍微多说一点关于我们如何看待我们所提供的指导。在最高层面上，我们采取了与一年前相同的指导方法，实际上是基于我们对全年预期情况的最佳估计来提供指导。

And so if we take all our assumptions and those assumptions play out as we've articulated, we'd expect total revenue growth, adjusted net revenue growth to be in the middle of the range that we provided. And obviously, if those assumptions, those variables turn out to be better, that could push us to the high end of revenue growth, and vice versa if those assumptions turn out to be slightly worse.

因此，如果我们将所有假设考虑在内，并且这些假设如我们所述实现，我们预计总收入增长、调整后的净收入增长将处于我们提供的范围的中间。显然，如果这些假设和变量表现得更好，这可能会推动我们达到收入增长的高端，反之，如果这些假设稍微差一些。

The key variables that I would call out are, there's three-- there's probably four here to talk about. So one is incentives. Our plan is based on our best estimate of renewals and deal activity. But as we saw in FY '24, those results can vary quarter-to-quarter with client performance and timing of deals, and lower growth could push revenue growth towards the upper end of the range. Two would be cross-border volumes. Higher or lower growth in cross-border volumes would also contribute toward higher or lower within that revenue range.

我想指出的关键变量有三个——这里可能有四个需要讨论。首先是激励措施。我们的计划基于我们对续约和交易活动的最佳估计。但正如我们在 2024 财年所看到的，这些结果可能会随着客户表现和交易时间的不同而在季度之间有所变化，较低的增长可能会将收入增长推向区间的上限。第二是跨境交易量。跨境交易量的增长或减少也会导致收入范围内的增长或减少。

Third would be volatility. We've assumed FY '25 full year on average to the levels that we saw in Q4, and any significant swing could impact revenue in '25. And of course, across all of it is the assumption on the macro economy. As we've always said, we're not forecasters of the economy. But in the event the U.S. -- in the U.S. or globally, if PC grows faster than currently forecasted, then we should also see stronger growth as well.

第三个因素是波动性。我们假设2025财年全年的波动性平均水平与第四季度相当，任何显著的波动都可能影响2025年的收入。当然，所有这些假设都基于宏观经济状况。正如我们一直所说，我们并不预测经济，但如果美国或全球的经济增长比当前预测更快，那么我们也应该会看到更强劲的增长。

And so all of these factors can play a role. We feel good about the plan that we shared here for the full year at the start of the year. And we'll obviously continue to update you as the year unfolds.

因此，所有这些因素都可能发挥作用。我们对年初分享的全年计划感到满意。显然，随着年度的展开，我们将继续为您更新。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Rayna Kumar from Oppenheimer. Please go ahead.

接下来，我们将接通来自奥本海默的雷娜·库马尔的电话。请继续。

Rayna Kumar 雷娜·库马尔

Good afternoon. Thanks for taking my question. Last week, the CFPB issued a final open banking rule for the U.S. Can you talk about what opportunities this could present for Visa from Tink's perspective and what potential headwinds that could create? Thank you.

下午好。感谢您回答我的问题。上周，CFPB 发布了美国的最终开放银行规则。您能否从 Tink 的角度谈谈这对 Visa 可能带来的机会以及可能产生的潜在阻力？谢谢。

Ryan McInerney 瑞安·麦金尼

My understanding is that the new rules that they, I guess, finalized are largely consistent with the CFPB's initial proposal. And we are strong advocates for consumers having more control and more access to the financial data but ensuring that it's in a safe and secure way. We're still evaluating all the details of the potential impacts from the more detailed regulations across the industry. But it goes without saying, our own capabilities will comply with the CFPB's rules as well as our clients' very high bar for security and privacy.

据我了解，他们最终确定的新规则在很大程度上与 CFPB 的初步提案一致。我们强烈支持消费者拥有更多的控制权和对金融数据的更多访问权，但要确保这些是在安全和可靠的方式下进行的。我们仍在评估更详细的法规在整个行业中可能产生的影响的所有细节。但不用说，我们自己的能力将遵守 CFPB 的规则以及我们客户对安全和隐私的高标准。

Widening the aperture a little bit to the opportunities that it creates, I think in an environment that open banking is even more available in the United States, like it is in places like Europe, what we found is that the Visa brand can be a meaningful differentiator. The Visa brand can give confidence to end users and data providers, and that if we can bring our capabilities to market like we've done in Europe with Visa A2A, we can give more confidence to the whole ecosystem and help resolve a lot of the complexities that exist in open banking. So we remain excited about the opportunities to add value, especially in the U.S., where we're still in the pretty nascent stages of all this.

稍微扩大一点视野来看它所创造的机会，我认为在一个开放银行业务在美国更加普及的环境中，就像在欧洲等地一样，我们发现 Visa 品牌可以成为一个有意义的差异化因素。Visa 品牌可以为终端用户和数据提供者提供信心，如果我们能够像在欧洲通过 Visa A2A 那样将我们的能力推向市场，我们可以为整个生态系统提供更多信心，并帮助解决开放银行中存在的许多复杂问题。因此，我们对增加价值的机会感到兴奋，特别是在美国，我们在这一切中仍处于相当初期的阶段。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Andrew Schmidt from Citi. Please go ahead.

接下来，我们将接通花旗银行的安德鲁·施密特的电话。请继续。

Andrew Schmidt 安德鲁·施密特

Hi, Ryan. Hi, Chris. Thanks for taking my questions this afternoon. I wanted to ask about value-add services growth. It's really good to see the consistency there. Maybe you could just talk about the predictability, and then maybe comment a little bit more on the planning process of how you sort of feed the engine and continue to drive that growth. I know there's an organic and inorganic components penetration aspects to this but if you could help unpack that. I know it's a lot of things in there but if you could help unpack that, it'd be great. Thanks so much.

嗨，Ryan。嗨，Chris。感谢你们今天下午回答我的问题。我想问一下增值服务的增长。很高兴看到那里的稳定性。也许你们可以谈谈可预测性，然后再稍微评论一下你们如何规划以推动这种增长。我知道这其中有有机和无机成分的渗透方面，但如果你们能帮助解开这个问题就太好了。我知道这里面有很多事情，但如果你们能帮助解开这个问题，那就太好了。非常感谢。

Ryan McInerney 瑞安·麦金尼

We, too, are very excited about the consistent growth we've been able to deliver year after year with the value-added services businesses. And we deliver that through planning, sales planning, client planning, product road mapping, all the things that you would expect we do business by business, in the issuer solutions business, the acquirer solutions business, risk and advisory business, and so on and so forth.

我们也对我们能够在增值服务业务中年复一年地实现持续增长感到非常兴奋。我们通过规划、销售规划、客户规划、产品路线图等方式来实现这一目标，正如您所期望的那样，我们在发行方解决方案业务、收单方解决方案业务、风险和咨询业务等各个业务中进行。

When you think about the opportunity, here's how I would encourage you to think about it, which is the same way we kind of plan to go to market. We deliver value-added services for Visa transactions. And these are offerings that are built to enable Visa to be the best way to pay and be paid market by market around the world. And we're continuing to invest to add new functionality to improve the payment success and the security on the network. So these are products and services like Visa Account Updater, the risk products that we talk a lot about like Visa Secure, the dispute tools that we deliver like Visa Resolve Online, the benefits that we offer. So that's kind of 1 component of the opportunity.

当你考虑这个机会时，我会鼓励你这样思考，这也是我们计划进入市场的方式。我们为 Visa 交易提供增值服务。这些产品旨在使 Visa 成为全球市场上最好的支付和收款方式。我们正在继续投资以增加新功能，以提高网络上的支付成功率和安全性。这些产品和服务包括 Visa 账户更新器、我们经常谈论的风险产品如 Visa Secure、我们提供的争议工具如 Visa Resolve Online，以及我们提供的各种福利。这就是机会的一个组成部分。

The second part of the opportunity is services for non-Visa transactions. This is an area you've heard me and us talking a lot more about in recent quarters. This includes acceptance services like CyberSource, Authorize.net, Verifi, risk tools like Decision Manager, processing solutions like DPS, like Pismo, and again, these are all capabilities that we're bringing to market for our clients that add value for all different types of payment transactions.

机会的第二部分是非 Visa 交易的服务。这是一个你在最近几个季度听到我和我们谈论更多的领域。这包括像 CyberSource、Authorize.net、Verifi 这样的受理服务，像 Decision Manager 这样的风险工具，像 DPS、Pismo 这样的处理解决方案，再次强调，这些都是我们为客户带到市场的能力，为各种不同类型的支付交易增加价值。

And then the third set of opportunities that we're going after are services beyond payments. This is a much broader category. It includes things like our consulting and analytics teams, our marketing services teams, open banking services such as Tink, we were talking about earlier in terms of their data aggregation solutions. We're now offering core banking platform services as part of the Pismo acquisition as well. So that hopefully gives you a sense of how we look at the opportunities, we look at the competitive sets, we build and deliver products, we build and deliver our sales motions and go-to-market and ultimately deliver the consistent growth that you referenced.

然后，我们追求的第三类机会是支付以外的服务。这是一个更广泛的类别。它包括我们的咨询和分析团队、我们的营销服务团队、开放银行服务（如我们之前提到的 Tink 的数据聚合解决方案）。我们现在还提供核心银行平台服务，这是 Pismo 收购的一部分。希望这能让你了解我们如何看待这些机会，我们如何看待竞争集群，如何构建和交付产品，如何构建和交付我们的销售策略和市场推广，最终实现你提到的一致增长。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Dave Koning from Baird. Please go ahead.

接下来，我们将连线 Baird 的 Dave Koning。请继续。

Dave Koning 戴夫·科宁

Hey, guys. Thank you. On the cross-border line, revenue growth was stable at 9% this quarter, same as last quarter, but reported volumes accelerated 1%. And I would think FX volatility was less bad so that probably helped a little bit, and mix seemed about the same. So I was wondering, is there anything else, any other little headwinds emerging there? What -- maybe what created the gap?

嘿，大家好。谢谢。在跨境业务方面，本季度收入增长稳定在 9%，与上季度相同，但报告的交易量加速增长了 1%。我认为外汇波动性较小，所以这可能有一点帮助，产品组合似乎也差不多。所以我想知道，是否还有其他小的阻力因素出现？是什么——也许是什么造成了差距？

Chris Suh 克里斯·苏

Yeah, sure. So a couple of things. So as you pointed out, international revenue grew slower than total cross-border volumes. It really did have to do with the volatility. So Q4 volatility did improve from Q3 a bit but it was lower than the volatility that we saw last year.

是的，当然。有几件事情。正如你所指出的，国际收入增长比总跨境交易量慢。这确实与波动性有关。第四季度的波动性比第三季度有所改善，但低于我们去年看到的波动性。

And secondly, the associated volume, the cross-border volume, 13% in Q4, as expected, but also lower than the volume growth that we saw in Q4 a year ago. And so when you combine those things that had impacted the differential that you see between volumes and revenue.

其次，相关的交易量，即跨境交易量，第四季度为 13%，如预期，但也低于去年第四季度我们看到的交易量增长。因此，当你结合这些因素时，就会影响到你在交易量和收入之间看到的差异。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Tim Chiodo from UBS. Please go ahead.

接下来，我们将连线到瑞银的 Tim Chiodo。请继续。

Tim Chiodo 蒂姆·基奥多

Great. Thank you for taking the question. So I wanted to dig into two specific aspects of value-added services, so first being DPS and the second being CyberSource. I believe those two combined make up a reasonably large portion of the transaction-based value-added services. I think the last disclosure on DPS was about $2.5 trillion in volume, and CyberSource is in the roughly $1 trillion. I was hoping you could give sort of relative growth rates relative to the rest of value-added services and maybe some updated stats if possible. Thanks.

好的。感谢您提出这个问题。我想深入探讨增值服务的两个具体方面，首先是 DPS，其次是 CyberSource。我相信这两者合起来构成了基于交易的增值服务中相当大的一部分。我认为关于 DPS 的最后一次披露是大约 2.5 万亿美元的交易量，而 CyberSource 大约是 1 万亿美元。我希望您能提供相对于其他增值服务的相对增长率，如果可能的话，也许能提供一些更新的统计数据。谢谢。

Ryan McInerney 瑞安·麦金尼

Yeah, thanks for the question. We're super proud about the progress that we're making in DPS and CyberSource, DPS being primarily in the U.S. and CyberSource being a really at-scale global platform now. But we don't provide transaction volume growth or break out other metrics at that level of reporting. So I appreciate the interest. Sorry not to be able to provide any more detail.

是的，谢谢你的提问。我们对在 DPS 和 CyberSource 方面取得的进展感到非常自豪，DPS 主要在美国，而 CyberSource 现在是一个真正的大规模全球平台。但我们不提供交易量增长或在该报告级别分解其他指标。所以我感谢你的关注，抱歉无法提供更多细节。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Bryan Keane from Deutsche Bank. Please go ahead.

接下来，我们将接通德意志银行的 Bryan Keane，请继续。

Bryan Keane 布莱恩·基恩

Hi, guys. Good afternoon. I wanted to ask about the pickup you've seen in October for volume growth, especially in debit. Looks like it's perked up a little bit to 7%. Anything you're seeing there in new wins or is that potentially a better economic environment driving that?

嗨，大家好。下午好。我想问一下你们在十月份看到的交易量增长，特别是在借记卡方面。看起来增长了 7%。你们在新赢得的业务中看到了什么，还是说这可能是更好的经济环境推动的？

And then just quickly, secondly, on the price to value, just the change in timing, what was the reason for the change? Why is the timing different this year?

然后很快，第二个问题是关于价格与价值的时间变化，变化的原因是什么？为什么今年的时间不同？

Chris Suh 克里斯·苏

Sure. Okay, I'll start with your question about October and then I think Ryan will handle your second part of your question. So in terms of October, so as we've consistently said, three weeks don't make a trend. It was true in July when we started a little bit slower and then Q4 ended up being stable. And we think it's true now as we see a strong start to October.

好的。好的，我会先回答你关于十月的问题，然后我想瑞安会处理你问题的第二部分。关于十月，正如我们一直所说，三周的表现并不能形成趋势。这在七月时是正确的，当时我们开始时有点慢，但第四季度最终保持稳定。我们认为现在也是如此，因为我们看到十月有一个强劲的开端。

Now that said, here's a couple of things that we see in terms of relative strength between the month of October and how we ended Q4. Two things that I'd point to: one is days mix. So the growth in the month of September was lower due to days mix. Last year, September had an extra Friday and Saturday, which are two of the highest spend days of the week. And this September, that was replaced with a Sunday and Monday, which are two of the lower spend days. And so that had an impact on September growth.

话虽如此，这里有几点我们在十月份和第四季度结束时看到的相对强度。我要指出的两点是：一是天数组合。因此，九月份的增长较低是由于天数组合的原因。去年九月多了一个星期五和星期六，这是每周消费最高的两天。而今年九月，这两天被星期天和星期一取代，而这两天是消费较低的日子。因此，这对九月份的增长产生了影响。

And then secondly, in the U.S., in addition to that days mix point, we are starting to lap the modest impact of Reg II that we started to talk about a year ago in Q1. And so those combined things are contributing to what we see as the start of October. But as we said, it's three weeks. Let's see how the quarter plays out.

其次，在美国，除了那几天的混合点之外，我们也开始赶上我们在一年前第一季度开始讨论的 Reg II 的适度影响。因此，这些综合因素促成了我们在十月初看到的情况。但正如我们所说，这才三周。让我们看看这个季度的发展。

Ryan McInerney 瑞安·麦金尼

Bryan, yeah, as you noted and we've said many times, we price to value. So when we price to value, we have to ship products. We have to ship services. We have to deliver solutions that are adding value and increasing value to our clients. And our product pipeline in 2025 is a bit more backloaded, especially as we bring some new and exciting products and services to the market, and so that really drives the difference in pricing cadence in 2025.

布莱恩，是的，正如你所指出的，我们已经多次说过，我们根据价值定价。因此，当我们根据价值定价时，我们必须交付产品。我们必须提供服务。我们必须交付能够为客户增加价值的解决方案。我们在 2025 年的产品管道稍微偏向后期，特别是当我们将一些新的和令人兴奋的产品和服务推向市场时，这确实推动了 2025 年定价节奏的差异。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Jason Kupferberg from Bank of America. Please go ahead.

接下来，我们将连线美国银行的 Jason Kupferberg。请继续。

Jason Kupferberg 杰森·库珀伯格

Thanks, guys. Just looking at the U.S. card-present volume growth, I think we've been in the 2% range here for the past two or three quarters. So wondering if you're expecting that to accelerate in fiscal '25. And Chris, can you just quantify what that favorable adjustment to Q4 new flows revenues were? Thank you.

谢谢各位。关于美国的卡片在场交易量增长，我注意到过去两三个季度大约维持在2%的范围内。所以想知道你们是否预计这一增速在2025财年会加快。另外，Chris，能否量化一下对第四季度新兴支付收入的有利调整金额？谢谢。

Chris Suh 克里斯·苏

Got it. Jason, you cut out a little bit at the end. What was the second part of your question, Jason?

明白了。Jason，你最后有点断了。你问题的第二部分是什么，Jason？

Jason Kupferberg 杰森·库普弗伯格

That onetime helper to new flows revenue in Q4, if you could quantify that?

那位曾经在第四季度帮助新收入流的人，如果你能量化的话？

Chris Suh 克里斯·苏

Okay, got it. I'll start with the second one since you just asked it. Yeah, we feel great about the momentum of new flows. Q3 was 18%, now to 22% in Q4. As I said on the call though, Q4 was helped by this onetime rebate adjustment due to deal timing. So we had expected a client to earn a rebate, which was contingent on them achieving a milestone, and they didn't achieve it. So as such, we recorded a onetime adjustment to that rebate, which landed in Q4.

好的，明白了。我先回答第二个问题，因为你刚刚问到。是的，我们对新兴支付的增长势头感到非常满意。第三季度增长了18%，第四季度达到了22%。不过，正如我在电话会议上提到的，第四季度的增长受到一次性返利调整的影响，这是由于交易时机的原因。我们原本预期某位客户会获得返利，这取决于他们是否能达到一个里程碑，但他们没有达到。因此，我们在第四季度记录了对此返利的一次性调整。

And I think your first question was around card-present and just sort of volumes as we look forward into FY '25. And maybe that's why I'll go out, just broaden it a little bit and say, per our call, our overall assumptions on underlying drivers is that in '25, they remain relatively stable to the trends that we see, both for the full year on payment volume and payment transactions relative to '24 and then on cross-border to the trends that we see in Q4. And so they will remain relatively strong and healthy. And like I said, we'll continue to update you throughout the course of the year.

我想你的第一个问题是关于实体卡支付以及我们展望 2025 财年的交易量。也许这就是为什么我要稍微扩展一下，按照我们的电话会议，我们对基本驱动因素的整体假设是，在 2025 年，它们相对于 2024 年在支付量和支付交易方面的全年趋势保持相对稳定，然后在跨境方面与我们在第四季度看到的趋势保持一致。因此，它们将保持相对强劲和健康。正如我所说，我们将在全年过程中继续为您更新。

Jennifer Como 詹妮弗·科莫

Next question? 下一个问题？

Operator 操作员

Next, we'll go to the line of Craig Maurer from FT Partners. Please go ahead.

接下来，我们将连线到 FT Partners 的 Craig Maurer。请继续。

Craig Maurer 克雷格·毛雷尔

Hi, thanks everybody for taking my questions. I wanted to ask first, haven't asked in a long time about your thoughts on operating leverage, and you're growing expenses at a similar rate to revenue in the forecast for fiscal year '25. And going forward long term, is there a commitment to grow revenue faster than expenses or are we looking at limited operating leverage in the future?

嗨，谢谢大家回答我的问题。首先，我想问一下关于运营杠杆的看法，我很久没有问过这个问题了。在预测的 2025 财年中，你们的支出增长速度与收入相似。展望长期，是否有承诺让收入增长快于支出，还是我们在未来会看到有限的运营杠杆？

And secondly, considering the fiscal year '25 guide, what are your assumptions around APAC embedded in the guide? Do you need acceleration in China to achieve that or is it basically assuming the same steady no growth situation there? Thanks.

其次，考虑到 2025 财年的指引，您对嵌入该指引的亚太地区有何假设？您是否需要中国的加速增长来实现这一目标，还是基本上假设那里的情况保持不变，没有增长？谢谢。

Ryan McInerney 瑞安·麦金尼

I'll take the first question and you can take the second question, Chris. On your first question, as I said on this call and earlier calls, we have an enormous set of opportunities that we're pursuing. And the way we're running the business day in and day out, quarter in and quarter out, year in and year out is we're going through the assessment of those opportunities, we're figuring out the product pipeline that we can deploy. We're looking at inorganic and organic opportunities. And we're putting together a plan that we think maximizes the long-term growth that we can deliver. That's the way we approach it. That's the way we think about it.

我来回答第一个问题，Chris，你来回答第二个问题。关于你的第一个问题，正如我在这次电话会议和之前的电话会议上所说的，我们正在追求一系列巨大的机会。我们每天、每季度、每年经营业务的方式是评估这些机会，找出我们可以部署的产品管道。我们在寻找无机和有机的机会，并制定一个我们认为可以最大化长期增长的计划。这就是我们处理问题的方式，也是我们思考问题的方式。

And you see the results that we've delivered, and you heard what Chris's comments were in the guide for this year. So that's kind of where we are with that.

你们看到了我们所取得的成果，也听到了克里斯对今年指引的评论。所以这就是我们的现状。

Chris Suh 克里斯·苏

I'll address your comments on AP specifically. So again, at a global basis, we expect overall trends to be relatively similar to where we're ending FY '24. And the situation in AP, so much of that has been driven by the macroeconomic conditions in China. And as we've consistently said, we don't forecast the economy. And so again, in the context of relatively stable drivers, we'll see how AP performs but again, it will really be dependent on the health of the overall economy.

我将专门针对您对亚太地区的评论进行回应。因此，再次从全球角度来看，我们预计整体趋势将与我们结束 2024 财年时的情况相对类似。亚太地区的情况，很大程度上是由中国的宏观经济状况推动的。正如我们一贯所说，我们不预测经济。因此，在相对稳定的驱动因素背景下，我们将观察亚太地区的表现，但这仍然将取决于整体经济的健康状况。

Jennifer Como 詹妮弗·科莫

Next question. 下一个问题。

Operator 操作员

Next, we'll go to the line of Trevor Williams from Jefferies. Please go ahead.

接下来，我们将连线 Jefferies 的 Trevor Williams。请继续。

Trevor Williams 特雷弗·威廉姆斯

Great, thanks a lot. Yeah, I wanted to follow up on value-added services. I think the general framework you've given is roughly two thirds of VAS revenue is transaction-linked in some form. Of that portion that's tied to transactions or volume, how much of that today needs to be running over VisaNet for you to be earning those vast revenue streams?

太好了，非常感谢。是的，我想跟进一下增值服务。我认为您提供的一般框架大约是三分之二的增值服务收入以某种形式与交易相关。在与交易或交易量相关的那部分中，今天有多少需要通过 VisaNet 运行才能为您赚取这些庞大的收入流？

Ryan, it sounds like most of it today is still running over your network but maybe the off-network piece should be increasing as a percentage of the mix over time. But anything more specific there would be helpful. Thanks.

瑞安，听起来今天大部分仍在你的网络上运行，但也许网络外的部分随着时间的推移应该在组合中占比增加。但如果有更具体的信息会很有帮助。谢谢。

Ryan McInerney 瑞安·麦金尼

Yeah. I mean, the largest component of our VAS revenue today is that first bucket of services I mentioned for Visa transactions, and obviously, we've been doing that the longest time. And just to comment on that, what that really does is it drives additional yield on top of our Visa transactions. So we're adding more value to the transaction. We're adding more value to the clients and ultimately driving additional yield on top of the Visa payments volume growth that we see.

是的。我们今天增值服务收入中最大的部分就是我提到的面向Visa交易的服务，这也是我们开展时间最长的业务。关于这一点，我想补充的是，这实际上是在Visa交易基础上带来了额外的收益率。我们为交易增添了更多价值，为客户带来更多价值，最终推动Visa支付量增长的额外收益。

But as I said, we also see -- we've made meaningful progress building out our platforms to service non-Visa transactions. CyberSource I mentioned, Verifi I mentioned, Pismo I mentioned, Decision Manager I mentioned. These are all becoming meaningful platforms for us with meaningful opportunity. And you can just imagine the TAM that we're able to go after when we're not just delivering services for Visa transactions but we're able to work with clients to deliver services on top of a much broader array of payment transactions is just significant. So we remain very excited about both.

但正如我所说，我们也看到——我们在构建服务非 Visa 交易的平台方面取得了有意义的进展。我提到了 CyberSource、Verifi、Pismo 和 Decision Manager。这些都正在成为对我们有意义的平台，并带来有意义的机会。你可以想象，当我们不仅为 Visa 交易提供服务，而且能够与客户合作，在更广泛的支付交易上提供服务时，我们能够追求的总可用市场（TAM）是多么重要。因此，我们对这两者都感到非常兴奋。

Jennifer Como 詹妮弗·科莫

Last question, please. 最后一个问题，请问。

Operator 操作员

Our final question goes to the line of Darrin Peller from Wolfe Research. Please go ahead.

我们的最后一个问题来自 Wolfe Research 的 Darrin Peller。请继续。

Darrin Peller 达林·佩勒

Hey, thanks, guys. Look, just coming off of the, I think it was 12% growth in incentives and rebates in '24, and now you're saying obviously higher in '25. It's obviously great to see the activities [indiscernible] growth. Maybe just help us understand a little more around, you mentioned a lot of renewals but what about just net new business and market share gains. How does that build in?

嘿，谢谢大家。看，刚刚结束，我想是 24 年激励和回扣增长了 12%，现在你们说 25 年显然更高。很高兴看到这些活动的增长。也许可以帮我们更好地理解一下，你提到了很多续约，但净新业务和市场份额的增长呢？这是如何构建的？

And I guess related to that, looks like this year is a big year of that constant revenue growth rate. So does that have an impact on how you think about this year's growth versus long term? We think it could be actually even better this year being a little bit of an outlying year in terms of growth in incentives and rebates, if we're thinking about that correctly. Thanks, guys.

我想与此相关的是，今年似乎是持续收入增长率的大年。那么这是否会影响您对今年增长与长期增长的看法？我们认为今年实际上可能会更好，因为在激励和回扣方面，今年可能是一个有点异常的年份，如果我们考虑得正确的话。谢谢，大家。

Ryan McInerney 瑞安·麦金尼

Yeah, Darrin, I mean, I don't think we're going to get into like the outer years but I'd say a couple of things. One is we're winning, like we're winning region by region and market by market around the world. You look at the size and sophistication of some of those names that I mentioned in my prepared remarks and I've mentioned for the last couple of quarters. We are winning and we feel really good about that market by market around the world.

是的，达林，我的意思是，我不认为我们会涉及到更远的年份，但我想说几件事。首先是我们正在赢得胜利，比如我们在全球范围内逐个地区和市场取得胜利。你看看我在准备好的发言中提到的一些名字的规模和复杂性，我在过去几个季度中也提到过。我们正在赢得胜利，并且对全球各个市场的表现感到非常满意。

Second thing is, as we've also talked about in the past, we can't necessarily predict the time of when these renewals are going to happen, when a competitive situation is going to happen to our client. We have to be ready at any given time to give our best and hopefully, ultimately win. And as you were alluding to, there's been kind of a string of those recently and more of them this quarter that we're excited about.

第二件事是，正如我们过去也谈到的，我们无法准确预测这些续约何时会发生，或者何时会出现对客户的竞争局面。我们必须随时准备好尽最大努力，并希望最终能够获胜。正如你所提到的，最近有一系列这样的情况，本季度还有更多让我们感到兴奋的情况。

So we'll continue to deploy a great product. We'll continue to -- we've got a great team that I acknowledged during the prepared remarks that's serving these clients, which is ultimately a big reason they choose to both continue to do business with us and expand the business that they're doing with us, expand the consumer business, expand in the commercial business, expand into new flows, and we feel really good about it.

因此，我们将继续推出优秀的产品。我们将继续——我们有一个优秀的团队，我在准备好的发言中提到过，他们正在为这些客户服务，这也是他们选择继续与我们合作并扩大与我们合作业务的一个重要原因，扩大消费业务，扩大商业业务，拓展新的业务流程，我们对此感到非常满意。

Jennifer Como 詹妮弗·科莫

And with that, we'd like to thank you for joining us today. If you have additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great day.

因此，我们想感谢您今天的参与。如果您有其他问题，请随时致电或发送电子邮件给我们的投资者关系团队。再次感谢，祝您有美好的一天。

Operator 操作员

Thank you, all, for participating in Visa's fiscal fourth quarter and full year 2024 earnings conference call. That concludes today's conference. You may disconnect at this time, and please enjoy the rest of your day.

谢谢大家参加 Visa 2024 财年第四季度及全年收益电话会议。今天的会议到此结束。您现在可以断开连接，祝您度过愉快的一天。

2024-10-29 Visa Inc. (V) Q4 2024 Earnings Call Transcript

2024-10-29 Visa Inc. (V) Q4 2024 Earnings Call Transcript

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